You may be confused on how to purchase a life insurance policy and for how much to purchase, then you need the help of a life insurance premium calculator to assist you in this case as it acts as the best guide. Life insurance premium calculator is a tool which determines the advantages of insurance policies. It is an user-friendly tool that after computations and calculations provides estimation about the required policy.
• Child Life Insurance Premium Calculator: A child plan premium calculator helps you to analyze and compute how much money that you have to pay to get adequate funding for your child for education, marriage and other miscellaneous expenses.
• Term Life Insurance Premium Calculator: This term insurance calculator helps you compute the premium that you need to pay at a specific age for a specific coverage that is required by you.
• Pension Plan Premium Calculator: This calculator helps you compute how much you need to invest today to earn a desired amount of steady pension in your retirement years.
• Investment Plan Premium Calculator: This life insurance premium calculator helps to analyze your investments in an insurance policy and gives you growth projections.
The frequency at which the renewal premiums are payable is called the premium payment frequency. The Life Insurance Premium Payment Options can be annual, half yearly, quarterly and monthly. Insurance companies give a variety of Life Insurance Premium Payment Options to their customers to pay their premium on time. Some of the Life Insurance Premium Payment Options are as follows:
• Walking in to the insurer‘s Office and making payment by Cash / DD / Cheque, Credit Card, Electronic Clearance System and Direct Debit Facility
• Walk in to any Bank Branch Partner of the Insurer
• Online payment through net banking and bill junction
• Electronic Clearing Services (ECS)
• Standing Instruction to your bank
• Payment through Bill Desk
• Electronic Bill Payment
• Payment through Visa Bill Pay
Life insurance premium rates are the cost that you pay for buying an insurance policy. It is calculated by specialists known as actuaries. These life insurance premium rates should be adequate and equitable to payout the policy benefits and depend on the degree of risk covered by the company. Life insurance premium rates are governed by the following factors:
• Mortality Rate: is an insurer‘s anticipation of deaths amongst a particular group of insured lives at certain ages.
• Investment earnings: Premiums are the primary source of funds used to pay life insurance claims. Because most policies are in force for some time before they become payable, insurance companies have premium to invest. The earnings from these investments provide the company to charge fewer premiums.
• Expenses: A life insurance policy’s gross premium is calculated as net premium + loading. The net premium depends on mortality rate, investment earnings and the lapse rate and loading is the company‘s operating costs.
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